Op risk data: Tech glitch gives customers unlimited funds

Also: Payback for slow Paycheck Protection payouts; SEC hits out at AI washing. Data by ORX News

Credit: Imago/Alamy Stock Photo

In last month’s largest loss, the Commercial Bank of Ethiopia suffered a systems glitch on March 16 that enabled customers to withdraw or transfer funds in excess of their actual account balances. CBE had reportedly lost ETB 6 billion ($105.8 million) in 25,000 transfers over the course of six hours.

Reports circulated of a “‘centralised ledger system glitch’, possibly triggered by a software update or a configuration issue”. News of the glitch spread quickly on social media, and students

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